FBLA: Business Law- Property Laws

Real Property

land and buildings

Personal Property

chattels, intangibles (like Goodwill)

Methods of Acquiring Property

rent, lease, buy, contract for sale, title search, abstract of title, deed (transferring title to property), mortgage

Ways to transfer titles of Property

Patent (state/gov conveys title to public land), Dedication (transfer of private land to public for free), accession (joins with other property)

Liens

a right to keep possession of property of another person until they pay their debt

Easements

a right to cross/ use someone else's land 4 a specific purpose

Legalities of lease

must authorize the offeree to possess and use property owned by offeror for a certain time w/o ownership

Lease

To contract to use something for a set period of time in exchange for a fee

Intellectual Property

intangible property created by individuals or corporations that is subject to protections under trade secret, copyright, or patent law

Infringement

A violation, as of a law, regulation, or agreement; a breach

- infringer pays actual $ amount of damamges and profits, for all attorney fees and court costs, can go to jail

Zoning Regulation

A community may designate certain areas as zones for such uses as light industrial, industrial, commercial, and residential.

Bailment

the transfer of possesion without transfer of ownership, delivery of goods in trust